One major change we see is that customers now expect a smooth shopping experience, which combines both online and in-store options. They want to move easily between the two, for example, buying something online and returning it in a store or using online coupons at physical locations. Retailers must update their systems and strategies to keep up with these new demands. Additionally, with the rise of direct-to-consumer brands like Temu and Shein, there's a need for endless isle, real-time inventory tracking, and fast order processing to deliver products directly and quickly, which makes things even tougher for traditional retailers.
Unified commerce has some great benefits over traditional omnichannel approaches. Firstly, it combines all sales channels into one single platform, so data flows in real time no matter the sales channel. This means customers get an optimised shopping experience and can move between online and in-store shopping with no difficulties – they can return an online purchase in a physical store or find out-of-stock items easily – differing from omnichannel, where each part runs on a different rail.
For retailers, unified commerce means simplification and streamlining. It cuts down technical headaches, saves time and money, and provides a central spot to see all orders and sales data, inventory, and customer preferences. This setup helps merchants make better decisions based on real data and enables personalised customer interactions. Plus, it’s easier to add new sales channels or payment methods, thus keeping things flexible and agile in a constantly changing market.
I think one of the most important trends is the shift towards unified commerce, which I already mentioned. It's amazing how using real-time, cross-channel data helps companies truly personalise the shopping experience. They can tailor loyalty programmes, recommend products just for you, and give you customised discounts which can be used online or in-store. Another big trend is the factory-to-consumer model, which companies like Temu and Shein have made popular. Many European retailers are adopting this model to stay competitive. It allows companies to manage inventory better and ensures you get your stuff quickly, which makes for a much better overall shopping experience.
The best new ideas for keeping payments safe are things such as scheme tokenization, multi-factor authentication (MFA), and utilising artificial intelligence (AI) for better fraud detection. Scheme tokenization swaps out sensitive card info with a unique code that enables the merchant and their payment service provider (PSP) to avoid storing card data entirely, making it harder for hackers to steal it. MFA, which involves using fingerprint or facial recognition, adds an extra layer of security to ensure only you can complete the transaction. Real-time AI-based fraud detection is also making great strides forward, assisting both in detecting fraud and deciding whether to accept certain risks. These technologies work together to boost payment security, giving businesses and consumers better protection against fraud and cyber threats.
As a regulated payment company, we consider compliance and data security paramount. That's why we always incorporate compliance and data security measures from the outset when building new features or products.
For instance, in the fall of 2020, we started a project to merge multiple companies into a single platform, UnzerOne. Our goal was to eliminate redundancies and fragmented technologies. By centralising resources and integrating the best features from each company, we aimed to create a robust, unified platform. This platform went live with its first merchant in December 2022.
When building the platform, we made compliance and security our top priorities by integrating them through our processes, whilst making sure they didn’t create any delays. We focused on meeting and exceeding compliance and information security industry standards throughout this process. The platform is PCI-DSS Level 1 certified, and our security team monitors activities 24/7 to handle any threats. Additionally, we conduct rigorous stress tests of our systems and train our staff. I believe it’s key to think of security protocols and compliance measures not as obstacles but as a competitive advantage to build a platform our customers can trust.
As the Chief Product and Technology Officer at Unzer, Niv Liran spearheads Unzer's product and engineering strategy and teams, leveraging his extensive experience in scaling tech departments. Unzer's unified commerce platform, conceptualised under Niv's leadership, integrates multiple sales channels into a singular real-time solution, ensuring consistent customer experiences, and providing businesses with comprehensive data across all touchpoints.
Unzer digitalises commerce with payment and software solutions throughout the entire merchant value chain. From online purchases and in-store mobile POS systems to final settlement and essential business processes, Unzer simplifies and streamlines retail operations. This all-in-one approach helps our merchants better their businesses, while their customers enjoy an easy and optimised shopping experience. More than 85,000 merchants across Europe already use Unzer's ecosystem. The company employs around 700 people in eight offices in Germany, Austria, Denmark, and Luxembourg.
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